Hangzhou, China and Cambridge, Massachusetts – [Feb 18, 2025] – Polymed Biopharmaceuticals, a global biotech company focused on creating best-in-class PROTACs and DACs (degrader antibody conjugates) therapeutics, announced an exclusive out-licensing agreement for HPB-143, a potent and highly selective IRAK4-targeting PROTAC (proteolysis-targeting chimera) to Photys Therapeutics.  This agreement synergized both companies’ strength in proximity-based therapeutics and combines Polymed’s expertise in PROTAC development with Photys’s expertise in immunology.

Under the terms of the agreement, Polymed has granted Photys an exclusive global (ex-greater China and Southeast Asia) license to develop, manufacture, and commercialize HPB-143, which will be renamed to PHT-776. Financial terms of the agreement were not disclosed. Polymed previously submitted and received clearance from the FDA and NMPA for the Investigational New Drug application (IND) of HPB-143.

PROTACs are a novel class of small molecules that harness the cell’s natural protein degradation machinery to selectively target and degrade disease-causing proteins. This innovative approach offers the potential for enhanced selectivity, potency, and the ability to target the roughly 80-85% of previously “undruggable” proteins which drive disease.

IRAK4 (interleukin-1 receptor-associated kinase 4) plays a central role in innate immune signaling and inflammation. Dysregulation of this pathway has been implicated in a wide range of autoimmune and inflammatory disorders, including rheumatoid arthritis, atopic dermatitis, lupus, and inflammatory bowel disease. By employing PROTAC technology, this novel therapeutic approach offers the potential to degrade IRAK4 selectively, addressing key disease mechanisms with enhanced specificity and efficacy compared to traditional small-molecule inhibitors.

“Photys is an ideal partner to advance Polymed’s optimized IRAK4 degrader program through the next phase of clinical trials,” said Jason Xiang, founder and CEO of Polymed. “This partnership strengthens Polymed as it aims to become a leading company for tackling undruggable targets in oncology and autoimmune diseases. We look forward to advancing the HPB-143 program and realizing IRAK4’s true treatment potential for patients with chronic inflammatory conditions.”

“We are excited to partner with Polymed as we expand and accelerate Photys’ pipeline and its mission to be a leader in proximity-based therapeutics,” said Brian Fenton, CEO of Photys. “Polymed’s expertise in drug development and medicinal chemistry has yielded a potentially best-in-class IRAK4 degrader, with superior degradation and bioavailability compared to the clinical-stage IRAK4 PROTAC. This program complements Photys’ ongoing efforts to advance proximity-based therapeutics into the clinic.”

“We see tremendous promise in IRAK4 degradation for a broad number of autoimmune indications, including atopic dermatitis and hidradenitis suppurativa,” said Alexandra Joseph, CSO of Photys. “We intend to initiate phase 1 studies later this year.”

 About Polymed Biopharmaceuticals

Polymed Biopharmaceuticals is focused on creating optimized PROTACs and Degrader Antibody Conjugates (DACs) with a superior therapeutic index than 1^st generation PROTACs.  Polymed leverages advanced technologies plus deep expertise in PROTAC and DAC design to create novel assets with optimized therapeutic properties delivering the next generation of life-changing medicines to patients with cancer and autoimmune disorders worldwide.  Polymed is based in Hangzhou, China, and Cambridge, Massachusetts, and is a member of the Johnson and Johnson JLABS Innovation network.  For more information, please visit us at www.polymedbiopharma.com/en.

 About Photys Therapeutics

Photys Therapeutics is a proximity-based therapeutics company with expertise across bifunctional platforms. This includes PROTACs, its proprietary PHICS™ (PHosphorylation Inducing Chimeric Small molecules) platform, and its proprietary tPRIME™ (targeted-PRoximity Induced Modulators of Expression) platform. Photys’ various approaches allows selective modulation of a target protein to achieve a desired alteration of the target’s biologic function, which may be applied in a tissue-selective or cell compartment-selective manner depending on the platform employed. Photys is applying its expertise across these modalities to advance a best-in-class pipeline of medicines in oncology, autoimmune, and cardiometabolic diseases. Photys is based in Waltham, Massachusetts. For more information, please visit www.photys.com.